Hooray for the Death Tax!

Townhall ^ | 6/9/2006 | Larry Kudlow

[A CA Guy]

These dead Americans would be leaving the planet with the national debt they left behind still here for those that follow. What exactly would be conservative about that?

So leave the current estate tax in place and direct the income to paying off the debt with political limitations regarding future spending.

If someone avoids the estate tax who are wealthy, it would be because they left the money out of the country in a tax haven or the money is in a trust not directly in their name.

The middle class for the most part gets a nice deduction before any money gets taxes and that same deduction is applied to the most wealthy.

I find it contemptible, pathetic and desperate for some people to claim conservatism but to be so selfish as to be willing to leave their debts to the innocent unborn who would inherit a debt they had no part in making.

Consesrvatism is not defined as running away from the check when the bill is due.

Responsibility is not giving your debt to your heirs.

To say and believe what you do IMO requires all conservative values to be thrown out the window to the detriment of future generations.
That is a most selfish act.

[A CA Guy]

I probably did say if someone wanted to maintain the family farm or business that they should work with estate attorneys to delay the tax.

You can probably put the businesses in a family trust and the value of the business won't be taxed until enough greedy heirs decide to sell it.

At some point everything gets taxed, unless you go to Australia and become a citizen there where last I heard there is no estate tax.

Here in America we have national debt that a bill is overdue on and the dead should have IMO the estate tax income directed there.
Pay it down of off, don't pass it on.

[Beagle8U]

I pay my debts, I don't however, feel obligated to pay your's or anyone Else's.

If the Government wishes to pay off the debt they have run up, they will just have to take a meat ax to the budget until they get out of debt.

The only way to thin down a glutton is to starve them, the Government is a glutton, and feeding it more tax money wont help anything.

If they get hungry enough, they will cut out the things they don't need, just like every responsible person does.

I just don't buy your theories.

[A CA Guy]

You have debts now and when you die in the national debt, despite your personal judgment about whether you like it being yours, it is in fact yours and all those who are alive today.

As people die, the estate tax at this point should be redirected as to pay it off.
If that is done, then and only then end the tax.

[Swiss]

So the National Debt is worrying you. Have you ever look at the history of the Debt?

http://www.toptips.com/debt_history.htm

The only time that the debt has declined for any reasonable period was from 1920 to 1930 where it went down yearly.

You want to reduce the debt then forget about taxes get another Calvin Coolidge in the White House.

[poindexter]

How many believe in responsibility here in paying their tab and how many believe they should run away from the bill like the liberal hearted slugs they are?

Speak for yourself, Ace. I pay my share and then some.

[HiTech RedNeck]

argumentum ad misdirection-by-touching-anecdote.

you were indebted, and you paid to discharge that debt; the millionaires and other business proprietors were the channel that passed on the money.

[Beagle8U]

"You have debts now and when you die in the national debt, despite your personal judgment about whether you like it being yours, it is in fact yours and all those who are alive today."

Sorry, I'm neither a communist, socialist, or part of a commune, it isn't my debt.

I don't know what you do for a living, but I would guess you work for some form of Government agency, a school teacher perhaps?

[A CA Guy]

Right, entitlements from politician spending starting way back.
My point is that if we keep the estate tax with all the money that will be coming in as lots of people age. Rather than allow politicians to go on a spending fest, I think they should direct the money at reducing or paying off the debt.

We would also need to pass some laws restricting use of monies from the estate tax so politicians don't take it all for their home towns and vacations.

The history is what it is, but the debt is here and needs to be reduced or eliminated.

We shouldn't pass this like a curse down through to future generations.

[A CA Guy]

But what you paid hasn't addressed the national debt, so if we are going to still take in an estate tax, direct it toward that rather than have the additional money go to more stupid spending on entitlements.

[goodnesswins]

Just curious......is your house paid off? I don't believe in paying off ALL Debts.....I believe our debt is higher now because of war time costs, and it's been declining...your ranting about debt is a bunch of BS.....go pee on someone elses parade. The DEATH TAX is SOCIALISM, but you're ALL FOR THAT!

This from Fortune Magazine.....March 2006

What's an appropriate debt/GDP ratio? The best-known benchmark has been the 60 percent Maastricht upper limit for countries hoping to adopt the Euro. But John Chambers, chairman of the sovereign rating committee at Standard & Poor's, says that economic stability and good government policies count for as much or more in credit ratings as the debt/GDP number. .....The U.S. scores high in both those categories, and is one of two-dozen countries whose government debt gets S&P's highest rating, AAA -- despite a debt/GDP ratio slightly above the AAA average. So yes, the nation's fiscal position has worsened significantly during the Bush presidency, and for that the president and Congress deserve to catch flak. But those who yelp about "record" deficits and "record" debt and imminent bankruptcy are blowing smoke. "The fiscal debt of the U.S. is not at an alarming level," S&P's Chambers says.

[A CA Guy]

Sorry, I'm neither a communist, socialist, or part of a commune, it isn't my debt.

That is an incorrect statement. We all have that debt. Out of what thin air did you expect to get that paid if not by the citizens of the United States?

[Beagle8U]

What do you do for a living?

[A CA Guy]

We still have the debt though and if we were to direct the Estate tax to remove the debt, then we benefit from an even better rating and also we pad ourselves from some future problems like other financial intuitions crashing and expensive wars to keep us free.

[Mamzelle]

re: the biggest class warrior is Larry "open borders" Kudlow. Anything that lowers the wages of the average American and puts money in HIS pocket wins his support. Sorry Larry, we don't don't care that you have to pay an estate tax on your millions. Why not move to Mexico?)))

You've put your finger on the cultural disconnect between elitist Republicans and more populist conservatives. It goes a long way in explaining the crude cluelessness Bush has in dealing with Joe Sixpack on the subject of immigration.

Bush and his family like their cheap servants, and cannot be convinced that he just might not be entitled to be waited on. He even gets sentimental about them, and decides to give away US sovereignty to Mexicans.

But he expects and wants to leave his full fortune to his own children (with maybe a check for Maria for being such a treasure and almost a member of the family).

Well, I want to leave the United States of America to American children!!!!

But the country-club Republicans can't grasp that the issues are essentially the same. And somebody needs to clue these elites in but fast, or we're going down in November.

Joe Sixpack does not have millions to leave to his kids, but he would like to leave them America.

[FairOpinion]

Excellent satire from Larry Kudlow.

The sad part is that it's closer to the truth, than one would like it to be.

The Dems are indeed trying to turn the US into a socialist country, even though E Europe and the Ex-Soviet Union are historical examples of the failure of the socialist system -- and so are W Europe.

The capitalist system may not be perfect, but it sure beats all the other systems.

Destroying wealth is like killing the goose that lays the golden eggs. The "rich" are already paying some 80-90% of the income taxes, what more do the Dems want, blood? And the rich not only pay taxes, but they are the ones who employ other people, who work, live, pay taxes.

[goodnesswins]

You are delusional....

[goodnesswins]

And, you didn't answer my question....is your house paid for?

[FairOpinion]

Did anyone ping you to this excellent satire by Larry Kudlow, about today's "soak the rich and tax them out of existence" mentality?

[A CA Guy]

Consulting area, but I won't say specifically what.

I also don't say specifically what area I live in, or specifically my age, weight or what I look like.

We have lots of people who are not our friends that read here B84, so I keep most of the specifics private.